A wheel cylinder will leak down the back side of the backing plate and onto the sidewall of the tire. A line should be more obvious if you crawl underneath and watch while a helper pumps the pedal. If a line is leaking AND the bleeder screw is rusted tight, I have a hint that might help you bleed that line.
Also, be aware that very often the master cylinder will be damaged when you press the brake pedal all the way to the floor. The lip seals run over the crud and corrosion that builds up in the lower halves of the bores where they don't normally travel. That crud causes them to rip and leak internally, so be prepared for that expense too.
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Saturday, December 4th, 2010 AT 1:29 AM